General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Mar 01, 2023

Citi Consumer Business Becomes Axis Bank Property

Effective from March 1, 2023, Citibank's consumer business in India will be transferred to Axis Bank, completing the final step in the process of acquisition that started in March last year.
The multinational bank's consumer business in India comprises credit cards, home loans, personal loans, retail banking and insurance distribution, among others. The deal came after Citigroup, in 2021, announced its decision to shutter its retail banking operations in 13 countries, including India, as part of a global business strategy.
Citibank has now put out a list of answers to customers' common queries about the transition process. Let's decode its responses to queries around Citi's existing products, services, charges, and more.

SEBI Bars 21 Entities in Axis Mutual Fund Front-Running Case

The Securities and Exchange Board of India (SEBI) in 2023, issued interim orders in a case of alleged front-running at Axis Mutual fund, while issuing show cause orders to the mutual fund and related entities.
The SEBI directed that 21 entities be barred from the capital markets until further orders.
It identified Rs. 305 million ($3.7 million) as wrongful gains accrued due to the alleged front-running activities and directed that this amount be impounded from the entities. SEBI has not passed any directions against the fund house and its operations will not be impacted by it.
The regulator conducted a probe in a case of front running in trades of Axis Mutual Fund between September 2021 and March 31, 2022. Front running is a market malpractice of trading in securities ahead of large client orders for personal gains.
"Viresh Joshi, the then chief dealer of Axis MF, was observed to have traded in different securities ahead of the impending orders placed on behalf of the big client (Axis Mutual Fund)," SEBI said in the order.

Feb 28, 2023

Elon Musk Reclaims World's Richest Man Title

According to Bloomberg Billionaires Index, with a net worth of $ 187 billion, Billionaire Elon Musk reclaimed his title as the world's richest person. Musk surpassed France's Bernard Arnault to regain his spot as the world's richest person.
Elon Musk achieved this feat due to an increase in Tesla's share prices.
However, Tesla chief's net worth fell by over $200 billion between November and December 2022, which was regarded as one of the largest losses of wealth in recent history.
The Bloomberg Billionaires Index is a daily ranking of the world's richest people. The wealth figures are updated at the close of every trading day in New York.

Gautam Adani Drops from 3rd to 38th in Rich List

Gautam Adani is now placed at the 38th spot in the Forbes rich list, far from the third position just before the Hindenburg report was published, which impacted his group's stock prices. Currently, Adani's net worth is estimated at $33.4 billion, according to Forbes' real-time tracker, which is an erosion of over $85 billion from $119 billion before the report was published.

Feb 27, 2023

Reliance Opens its First Store in Partnership with Gap Inc. in Mumbai

Reliance Retail opened the first freestanding Gap store in India in partnership with Gap Inc. Reliance Retail is the official retailer of Gap across all channels in India.
The expansion of Gap's India presence will include a series of freestanding store openings across the country in the coming months. Gap store at Infiniti Mall will feature denim, logo products, khakis, and modern essentials for women, men, kids, and babies.
Reliance Retail Limited is a subsidiary of the Reliance Retail Ventures Limited which is the holding company of all the retail businesses under Reliance Industries. Gap, on the other hand, is a popular American clothing company that owns a number of brands, including Old Navy, Gap, Athleta, and Banana Republic.

Sunil Mehta Resigns as Adani Green Energy Director, to Join IndusInd Bank

Adani Green Energy's (AGEL) director Sunil Mehta resigned to avoid any conflict of interest following his appointment as Chairman of IndusInd Bank.
Sunil Mehta informed the company that pursuant to RBI approval, he was appointed as part-time/non-executive Chairman of IndusInd Bank Ltd (bank) and that he was advised by the bank to relinquish his directorship in the company to avoid any conflict of interest, in view of on-going credit facilities extended by the bank to the Company.

Feb 26, 2023

Sri Lanka Gives Nod to $442-million Wind Project of Adani Group

Crisis-hit Sri Lanka approved a $442-million wind power project of Adani Green Energy, barely a month since the Indian multinational conglomerate's stocks plummeted following U.S.-based short-seller Hindenburg's damaging report on the Group.
As per the Board of Investment (BOI) of Sri Lanka, the project would likely create 2,000 jobs, and in two years, generate about 350 MW of power.
The BOI's approval effectively takes the Adani Group's total investments in the island nation over the $1 billion-mark. It has already committed to pumping in $700 million at a strategic port terminal in Colombo, and work on the West Container Terminal began in November 2022.

Thomas Cook, Pine Labs Launch UPI Payment Facility for Foreign Visitors

Pine Labs and Thomas Cook (India) Limited have partnered with National Payments Corporation of India (NPCI) to enable payments via UPI for foreign nationals from G20 countries.
The prepaid payment product is issued by Pine Labs under the PPI authorisation from RBI. This facility can be accessed on arrival in India at Thomas Cook's airport counters.
When encashing foreign currency at Thomas Cook's counter, instead of collecting rupees in cash, the customer can open a Pine Labs Fave Money prepaid account loaded with the rupee value.
The customer would need to download the Pine Labs Fave app and sign in to use the preloaded money by scanning any UPI QR code at merchant outlets. On departure, the balance can be encashed at Thomas Cook's airport counters.

NSE Indices Launches India's first Municipal Bond Index

NSE Indices Ltd, an NSE arm, launched the country's first ever municipal bond index.
The new Nifty India Municipal Bond Index will track the performance of municipal bonds issued by Indian municipal corporations across maturities and having investment grade credit rating, NSE Indices said in a statement.
The index was launched at a Securities and Exchange Board of India (SEBI) workshop on Municipal Debt Securities in Bengaluru.
Presently, the index has 28 municipal bonds issued by 10 issuers all having credit rating in the AA category. The index constituents are assigned weights based on their outstanding amount.

Feb 25, 2023

UK Surpasses India as the World's Sixth-biggest Equity Market

The UK surpassed India as the sixth-largest equity market in the world for the first time since May 2022 as a weaker pound increases the attraction of exporters and concerns over the Adani-Hindenburg controversy being felt throughout Indian markets.
Since US-based short-seller Hindenburg Research published a damning report against the conglomerate, India's equity market has been dealing with a double whammy of a lower currency and the significant fallout of the stock tumble being experienced by Adani Group enterprises.
The company refuted the allegations made in the Hindenburg Research study from January 24 that it had inappropriately used offshore tax havens and had manipulated stock prices.

Paisalo Digital Signs Co-lending Agreement with Karnataka Bank for MSME, Agri Lending

Non-banking financial firm Paisalo Digital Ltd. entered into a co-lending loan agreement with Karnataka Bank to meet the funding requirements of priority segments such as agriculture, retail, MSME, and women entrepreneurs.
As per the Agra-based NBFC, the co-lending agreement with Karnataka Bank will enable it to drive financial inclusion by providing low-cost financial solutions to priority sectors.
The agreement is in conformity with the RBI circular on co-lending of loans as released on November 5, 2020. Under co-lending agreements, banks and NBFCs enter into tie-ups for joint contribution of funding for priority sectors.

MCA Approves Demerger of Core and Non-core Assets of SCI

The Ministry of Corporate Affairs (MCA) issued an official order approving the proposed demerger of the core and non-core assets of Shipping Corporation of India (SCI).
The sanction of demerger of non-core assets (demerged undertaking) of SCI into Shipping Corporation of India Land and Assets (SCILAL) was under Section 230-232 of the Companies Act.
This could pave the way for the privatisation of SCI, with the government looking to divest its entire 63.75 per cent stake in the national cargo carrier.

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